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Daily analysis of USDX for August 25, 2015

On the daily chart, USDX is finding strong bottom across the 93.00 level. The 200 SMA is located very close above that zone. We should take the current move as a corrective one in favor of the overall long-term bullish trend. However, this should be invalidated when a breakout happens below the 89.00 psychological level.

USDXDaily.png

Index continues to strength the bearish bias on H1 chart with a lower low pattern formation above the 93.18 level, where a support zone is located. The lower push could continue during the coming hours as the USDX is still weak in a short-term outlook, but the corrections will come soon. MACD indicator is entering the positive territory.

USDXH1.png

Daily chart's resistance levels: 93.71/ 94.59

Daily chart's support levels: 93.00 / 91.70

H1 chart's resistance levels: 93.78 / 94.39

H1 chart's support levels: 93.18 / 92.73

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 93.18, take profit is at 92.73, and stop loss is at 93.62.

The material has been provided by InstaForex Company - www.instaforex.com